Relating to the insurance commissioner’s authority concerning insurance producers, business entity producers, and preneed sellers, continuing care retirement facilities, and continuing care retirement programs

Sponsored by the House Commerce (companion To Sf 2153 By Committee on Commerce) Committee

Topics:Business & economy

Same legislation: SF 2153

Write your legislators about itWhat changed before it passed

Official bill page Lobbyist declarations One-pager to print

Where it is now

Done: IntroducedJanuary 30, 2024
Skipped: SubcommitteeSkipped
Done: House committeeFebruary 21, 2024
Done: Passes the HouseFebruary 21, 202497–0
Done: Senate committeeMarch 14, 2024
Done: Passes the SenateMarch 19, 202449–0
Done: To the GovernorApril 10, 2024
Done: Signed into lawApril 10, 2024

Signed into law What’s a funnel?

What’s in it

This bill relates to the insurance commissioner’s authority concerning insurance producers, business entity producers, and preneed sellers. Under current law, confidential information includes the information, records, and documents utilized for the investigation, regulation, or examination of an insurance company or insurance holding company. The bill also applies to the confidential information of an individual insurance producer or a business entity producer. Such information, records, and documents are confidential, and shall not be disclosed by the insurance division and are not subject to subpoena.

Read the full explanation

Current law permits the commissioner to place on probation, or suspend, revoke, or refuse to issue or renew an insurance producer’s license, or levy a civil penalty, if the insurance producer is the subject of an order of a securities administrator. The bill includes an insurance producer that is the subject of an order of the federal securities and exchange commission or the financial industry regulatory authority. The penalty for a violation of Code chapter 523A shall be a civil penalty of not more than $1,000 for each violation, not to exceed an aggregate of $10,000 during any six-month period, except if the commissioner finds that the person knew or reasonably should have known that the person was in violation of specific laws or rules related to cemetery and funeral merchandise, and funeral services, the penalty shall not exceed $5,000 for each violation, or an aggregate of $50,000 during any six-month period.

From the explanation printed with the bill as introduced, written by the Legislative Services Agency. Amendments adopted later aren’t reflected. Full bill text · What changed before it passed

Iowa Code it changes

Amends§505.17 §522B.11 §523A.807

Read from the bill as introduced. Each links to every bill touching that chapter of the Iowa Code. How the Code works

Lobbying

2 for · 0 against · 14 undecided · Who →

Family tree

Where this legislation came from and where it went: earlier tries, the versions it moved through this Assembly, and later bills built on it.

90th General Assembly

SF 2153Didn’t advanceSenate companion HF 2263Became lawHouse companion

Earlier and later bills are matched by wording or an identical title; check the text to be sure it’s the same idea.